Law:Title 9. Public Securities. Subtitle H. Specific Authority For More Than One Type Of Local Government To Issue Securities from Chapter 1434. County And Municipal Higher Education Improvement Bonds (Texas)

From Law Delta

Jump to: navigation, search

Subtitle H. Specific Authority For More Than One Type Of Local Government To Issue Securities

Contents

Chapter 1434. County And Municipal Higher Education Improvement Bonds

Subchapter A. General Provisions

Section 1434.001.  Applicability Of Chapter.

This chapter applies only to:

(1)  a home-rule municipality with a population of 25,000 or more that has an institution of higher education located within its boundaries or has entered into an agreement with an institution of higher education relating to the provision of services in furtherance of the completion of certificate programs, degree programs, or other higher education programs within the municipality by the institution of higher education; or

(2)  a county within which a municipality described by Subdivision (1) is located.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Amended by:

Acts 2009, 81st Leg., R.S., Ch. 237, Sec. 1, eff. May 27, 2009.



Section 1434.002.  Definitions.

In this chapter:

(1)  "Agreement" includes a lease, contract, or lease-purchase agreement.

(2)  "Institution of higher education" means:

(A)  an institution of higher education as defined by Section 61.003, Education Code, other than a public junior college; or

(B)  a private, nonprofit institution of higher education that is accredited by the recognized accrediting agency and is located and authorized to operate in this state, other than a private institution of higher education operated exclusively for sectarian purposes.

(3)  "Public security" has the meaning assigned by Section 1201.002.

(4)  "Recognized accrediting agency" has the meaning assigned by Section 61.003, Education Code.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Amended by:

Acts 2009, 81st Leg., R.S., Ch. 237, Sec. 2, eff. May 27, 2009.



Section 1434.003.  Legislative Finding.

The legislature finds:

(1)  that the assistance provided by counties and municipalities in promoting and providing higher education opportunities for residents of this state will benefit and enhance the general welfare of their residents by providing new and alternative higher education resources and enhanced access to those resources, improving and enhancing the educational opportunities of their residents, and allowing the completion of certificate programs, degree programs, and other higher education programs locally; and

(2)  that those benefits and enhancements constitute public purposes for counties and municipalities.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Amended by:

Acts 2009, 81st Leg., R.S., Ch. 237, Sec. 3, eff. May 27, 2009.



Subchapter B. Issuance Of Bonds

Section  1434.051.  Financing Of Permanent Improvements By County Or Municipality.

(a) A county or a municipality may:

(1)  issue public securities, including certificates of obligation, to acquire, construct, or improve land, buildings, or other permanent improvements for use by an institution of higher education located within a county to which this chapter applies; and

(2)  impose ad valorem taxes to pay the principal of and interest on those securities and to provide a sinking fund.

(a-1)  A municipality that has entered into an agreement described by Section 1434.001(1) may:

(1)  issue public securities, including certificates of obligation, to acquire, construct, or improve land, buildings, or other permanent improvements for use by an institution of higher education;

(2)  impose ad valorem taxes to pay and secure payment of the principal of and interest on those securities and to provide a sinking fund; and

(3)  pledge those taxes, any portion of the revenues received in connection with the agreement, or any combination of the taxes and revenue to secure payment of any portion of the public securities issued to acquire, construct, or improve the land, buildings, or other permanent improvements for use by the institution of higher education.

(b)  The county or municipality shall:

(1)  issue any public securities and impose the taxes in accordance with the applicable provisions of Subtitles A, C, D, and E; and

(2)  if the securities are certificates of obligation, issue any certificates and impose the taxes in accordance with Subchapter C, Chapter 271, Local Government Code.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Amended by:

Acts 2009, 81st Leg., R.S., Ch. 237, Sec. 4, eff. May 27, 2009.



Section  1434.052.  Joint Financing By County And Municipality. (a)

A county and a municipality may jointly issue public securities and impose ad valorem taxes for a purpose described by Section 1434.051.

(b)  The commissioners court of the county and the governing body of the municipality shall determine the appropriate proportion of the ad valorem taxes to be imposed by the county and by the municipality.

(c)  A public security proposition that is submitted must distinctly specify the proportion of ad valorem taxes to be imposed by the county and by the municipality.

(d)  The county and municipality shall issue the public securities and impose the taxes in accordance with the applicable provisions of Subtitles A, C, D, and E.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1434.053.  Limit On Taxes.

The only limits on the amount of taxes that may be imposed to pay the principal of and interest on public securities, including certificates of obligation, issued under this chapter are those provided by the Texas Constitution.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1434.054.  Project Approval By Texas Higher Education Coordinating Board.

(a) Before public securities are issued under this chapter, the Texas Higher Education Coordinating Board or its successor agency must review the project to be acquired, constructed, or improved. The board or its successor agency shall conduct hearings to review the project in accordance with Chapter 61, Education Code.

(b)  Public securities may not be issued under this chapter unless the board or its successor agency approves the acquisition, construction, or improvement of the project to be financed through the issuance of the public securities.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter C. Donation Or Use Of Permanent Improvements

Section  1434.101.  Donation Of Permanent Improvements.

(a) A county or municipality may donate to a general academic teaching institution a permanent improvement acquired, constructed, or improved by the county, by the municipality, or by the county and the municipality jointly.

(b)  The donation is not subject to any law of this state governing the disposition of property owned by a county or municipality.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1434.102.  Use Of Permanent Improvements.

(a) A municipality may allow a state four-year institution of higher education or a university system to use land or buildings acquired by the municipality.

(b)  This section does not apply to an institution of higher education that is supported in any way by revenue from a local tax base.

(c)  A use under this section is a municipal purpose and a public use for the municipality.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.


Personal tools
Laws
Variants
Actions
Navigation
Toolbox